What Are The Ways To Consolidate Debt?
Posted on May 28, 2009 at 8:07 am
I'm looking for a list of ways to consolidate debt. Thanks folks.
Posted on May 28, 2009 at 9:06 am
1) Secured debt consolidation loan (home equity loan).
2) Unsecured debt consolidation loan.
3) Credit Counseling.
4) Debt Settlement.
Debt consolidation can be used loosely to describe any of the above.
Posted on May 28, 2009 at 9:35 am
Which form of debt consolidation works the best if you are behind on your monthly payments? Does anyone know?
Posted on May 29, 2009 at 12:20 am
It depends on ur debt amount and the availability of sources.You have to take advice of proper Debt Consolidation Advisor. So he can guide u better.
Posted on May 29, 2009 at 1:31 am
To add to the list of ways to consolidate your debt (we got a bit off topic):
1) Chapter 13 bankruptcy - this is technically a "debt consolidation" because you only make one payment to the bankruptcy trustee and the funds get distributed to each of your creditors.
2) Borrowing from your 401k - You can borrow from your 401(k) up to $50k or half of the balance, whichever is less. Advantage: no credit check, Disadvantage: can get hit with penalties if you don't pay it back within 3 months of leaving the company.
Posted on May 29, 2009 at 1:35 am
Before you try Consolidation ..why not try a method of making money which has been great for me only cost's a small fee and you can get It back if you don't like it.
Posted on June 15, 2009 at 2:46 pm
I just reviewed this thread and noticed that there is one other way to consolidate debt that was not mentioned by Tom and Guru. You can also transfer your credit card balances onto a 0% or low interest credit card in order to pay off the principle amount of debt faster and make one monthly payment instead of many in the meantime. Technically this is also a form of debt consolidation.
Posted on June 24, 2009 at 2:58 pm
Wait So Chapter 13 is one way to consolidate debt? I thought if you filed bankruptcy you didn't have to pay your creditors back? Guru are you sure?
Posted on July 7, 2009 at 7:51 am
The reason that Chapter 13 is considered one of the ways to consolidate debt is because the debtor is making one monthly payment (as opposed to many) to a court appointed trustee who disperses the funds to each of the owed creditors.
In fact, most debtors pay back the full debt amount in a Chapter 13 bankruptcy, so you shouldn't assume that filing will free you from your financial obligations.
Posted on July 8, 2009 at 4:13 am
which of these consolidation options would be the fastest way to get rid of my debt???
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